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IEA economist responds to latest ONS public sector finances data

Julian Jessop, Economics Fellow at free market think tank the Institute of Economic Affairs, commented on the figures, published today by the Office for National Statistics 

“UK government borrowing and debt continue to undershoot the OBR’s old forecasts, underlining how economic growth – not tax hikes – is the best way to repair the public finances.

“Borrowing was a whopping £43.4 billion lower than projected in the first six months of the fiscal year. What’s more, the ratio of debt to national income has already fallen sharply as the economy has rebounded more quickly than expected and GDP has been revised higher.

“The stock of debt was reported to be equivalent to 95.5 per cent of GDP at the end of September, but it was estimated at 99.7 per cent as recently as June, and more than 100 pe cent several times in 2020.”

Notes to editors

Contact: Emily Carver, Head of Media, 07715942731

IEA spokespeople are available for interview and further comment.

Public sector finances, UK: September 2021

Original article link: https://iea.org.uk/media/iea-economist-responds-to-latest-ons-public-sector-finances-data/

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